GCCs Take 42% of Office Leasing: Where India’s Demand Concentrates

India’s office market is characterised by an interesting occupier group that drives the market. Global capability centres (GCCs) are set to shape the next stage of the market and decide what cities will see the demand from corporates, what assets will host big firms and what developers can build their commercial real estate plans upon.

GCCs represent the most prolific occupiers in India’s office market at present. They leased 9.1 million sq ft of office space in the third quarter of 2026, accounting for 42% of all gross leasing volume for the region, according to figures from Cushman & Wakefield cited by Businessworld through TradingView.

The national figure masks the strength of demand in specific areas, where different cities have seen a rise in corporate demand on varied bases. Bengaluru continues to draw in firms, Hyderabad has had a remarkable quarter while Pune’s commercial real estate market may warrant further scrutiny.

For developers, the question is about the potential of various localities to absorb corporate leases and see a sustainable rise in occupancies, rents and overall demand for commercial real estate.

GCCs are taking 42% of India’s office leasing; where is demand concentrated?

Demand is concentrated in major business centres, with Bengaluru and Hyderabad prominent in GCC activity. Cushman & Wakefield reports that GCCs represented roughly 65% of Q3 leasing in both Bengaluru and Pune. Separately, Knight Frank identifies Bengaluru as the nine-month GCC leader and Hyderabad as the quarterly leader. 

What is a GCC and why does its office demand matter?

A global capability centre is an organisation’s own operation supporting functions across its international business. Its work can include technology, finance, engineering, analytics and other specialised activities.

The distinction from a third-party service provider matters. A company expanding its own capability centre is making a decision about where to place teams and business functions, alongside its decision about office space.

Earlier reporting already showed substantial demand. ETRealty’s April 2026 article, citing CBRE, recorded 9.1 million sq ft of GCC leasing in Q1, representing 44% of total leasing. Bengaluru contributed 48% of GCC demand, Hyderabad 19% and Delhi-NCR 14% in that dataset. 

This helps explain why GCC expansion in India is important to commercial real estate. Large occupiers need suitable buildings, but they also need a location that supports recruitment, operations and future expansion.

For developers, that creates a more demanding proposition than simply offering vacant floors. Building quality, services, accessibility and space planning all become part of the competition for tenants.

For investors, a GCC-linked location is a starting point for investigation. The strength of the individual asset still depends on its tenant, lease, operating costs and surrounding supply.

Where is GCC office leasing concentrated in 2026?

A fresh Knight Frank update published by Passionate in Marketing on October 12 provides a useful city-level comparison.

City	GCC transactions, January–September 2026
Bengaluru	9.8 million sq ft
Hyderabad	6.2 million sq ft
Mumbai	3.7 million sq ft
Pune	3.1 million sq ft
Chennai	2.5 million sq ft
Delhi-NCR	2.0 million sq ft

These figures belong to Knight Frank’s eight-market dataset. It reports total GCC transactions of 27.4 million sq ft over the period. Bengaluru accounted for 36% of that activity, while Hyderabad contributed 42% of GCC leasing in Q3 alone. 

The difference between those two rankings is important. Bengaluru leads the cumulative nine-month measure; Hyderabad leads the latest quarter. Neither observation contradicts the other.

Similarly, a city’s share of national GCC transactions is different from GCCs’ share of that city’s office leasing. One measures the destination’s contribution to India-wide demand; the other measures how dependent its local leasing activity is on GCC occupiers.

A percentage needs both a period and a denominator before it becomes useful market information.

That is especially relevant to comparisons involving Pune, where the brief’s proposed 42% local share should not be substituted for the verified national figure.

Pune’s opportunity and why Mumbai should not be dismissed

For Pune, rising GCC interest creates a reason to examine commercial property more closely. It does not establish that every office building or residential project near an IT park will benefit equally.

Knight Frank’s nine-month figures show Pune’s GCC transactions increasing from 1.6 million sq ft in 2025 to 3.1 million sq ft in 2026. The same report shows Mumbai rising from 0.8 million to 3.7 million sq ft. These comparisons challenge the idea that Mumbai is simply losing ground in GCC leasing. 

For someone evaluating office space in Pune, the next step is to move from the city headline to the building and micro-market.

Hinjewadi and Kharadi are relevant locations to investigate in a Pune property search, but the supplied reporting does not establish which specific campus captured the most GCC demand. It also does not prove a particular appreciation rate for flats near EON IT Park or elsewhere.

Ask where signed leases are located, when occupation is expected and whether the building has suitable access and services. A leasing announcement can precede the arrival of a full workforce.

For Mumbai, assess GCC activity alongside its other occupier segments. A city can have a different demand mix without becoming less relevant to India’s commercial property market.

Grade A offices and green-certified buildings are central to the story

The demand is selective.

ETRealty’s Q1 reporting found that nearly 79% of total office leasing occurred in green-certified buildings, with around 70% in properties less than ten years old. Those percentages describe the broader office market in that report, rather than GCC leasing alone. 

Fortune India’s October report, citing CBRE, describes a continuing emphasis on quality: more than half of Q3 additions were Grade A+ assets, and approximately 80% of new supply was green-certified. 

For developers, the practical implication is to demonstrate how a workplace performs. Reliable services, adaptable layouts and efficient operations need to be assessed alongside the address.

For smaller occupiers, competition for suitable space makes preparation valuable. Qdesq’s office-market commentary argues for earlier workspace planning, clearly defined requirements and flexible alternatives. That is practical occupier guidance, rather than evidence that every Indian office faces the same pricing pressure. 

Strong demand for good buildings does not eliminate competition between landlords. Owners still need to understand which features prospective tenants value.

Strong leasing can coexist with rising vacancy

Cushman & Wakefield recorded 21.9 million sq ft of gross leasing and 14.1 million sq ft of net absorption in Q3. Its reporting also shows 22.7 million sq ft of new completions and vacancy rising to 14.37%. 

These measures describe different aspects of the market. Gross leasing tracks transaction activity; net absorption measures the change in occupied stock under the research provider’s methodology. New supply describes completed space entering the market.

A supply wave can therefore raise vacancy while substantial leasing continues.

For commercial real estate investment in India, this means a national demand headline should be followed by a local supply check. Examine competing buildings, available space, expected completions and the property’s ability to retain tenants.

The research providers also report different totals. Fortune India cites CBRE’s 66.4 million sq ft of office absorption for the first nine months, while Knight Frank reports 66.7 million sq ft of transactions. They should not be joined into one supposedly interchangeable series. 

What comes next for offices and nearby housing?

Demand extends beyond technology. Cushman & Wakefield identifies BFSI as the largest Q3 sectoral leasing driver, while engineering and manufacturing recorded strong nine-month activity. Sector classifications and GCC classifications can overlap, so their shares should not be added together. 

The expansion outlook is encouraging, but it remains an outlook. Fortune India reports that CBRE’s occupier survey found nearly 77% of respondents expecting to expand their India office portfolios over the next two years. An intention to expand is not a completed lease. 

For residential buyers, the potential connection is employment and occupation. More people working in a location can support demand for nearby accommodation. The scale of that effect depends on hiring, commuting preferences, housing supply and affordability.

If considering a flat near an office in Pune, verify achievable rents and actual travel routes. If buying commercial space, examine the lease and building economics rather than relying on the GCC label.

GCCs’ 42% share of quarterly office leasing is a significant demand signal. Its value to a property buyer depends on where that demand becomes occupied space and lasting economic activity.

To explore how office locations fit your property priorities, visit RealtyConnect and start with your budget, commute and investment goals.